Susan K Mann

Award Nominated Mummy & Parenting blogger. Blogging about the highs and lows of being a working mother of two princes & princess, living out our own fairytale in Scotland.

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ISAs Made Simpler

11th April 2014 By Susan Mann Leave a Comment

My dad had many ISA’s, money tied up in stocks and shares, etc. He was careful with his money and taught me to be the same. I have always been good with money, but when it comes to working out what is the best place to save your money, I’m at a loss. 
Scottish Friendly have set out this simple guide on what an ISA is, why you’d want one and what they do. For me, simpler is better. I don’t tied up in jargon I don’t understand. Give me computer languages any day over financial languages any day. However, the Scottish Friendly version is simple. Did you know that 1 packet of crisps is the same as saving £1 a day in a new ISA? 
Scottish Friendly
What should I be doing for our family’s future is something that prays on my mind, but in this current economic climate, do we have the spare cash to save and if we do what do we do with it?

The start of a new financial year means that everyone over 16 gets a new cash ISA allowance. Did you know that? However, as of July 1st 2014, things are changing, with the introduction of the new ISA or NISA.

Here’s what you need to know:-
1. NISAs will have a cash allowance of a whopping £15,000. This means you can save up to £15k a year and earn tax-free interest on it.
2. Unlike before, when you could save up to £5,940 in a cash ISA and up to £11,880 in stocks and shares, now you can split your £15,000 allowance between a cash NISA and a New Investment ISA in any way you like, allowing you a wider range of investments and flexibility.
3. You can open a 2014-2015 ISA now, and it’ll automatically convert into a NISA on July 1st, when you can top the amount up to £15,000.
4. It’s super-flexible. You can:-
  • change the amount you invest, up or down
  • stop payments
  • restart payments
  • take all of the money out
  • take some of the money out
  • transfer money in and out from another NISA, including transferring from a New Cash ISA into a New Investment ISA and vice versa.
  • close your plan
5. You can transfer a Cash ISA into another Cash ISA or move it to an Investment ISA.New ISAs will still allow you to do just that. However, with an existing Investment ISA, you can only transfer it into another Investment ISA. However, from 1 July 2014, the New ISA will also enable you to transfer your savings from Investment ISAs to New Cash ISAs as you wish.
Cool huh!
Scottish Friendly have also produced this useful video below to help you have a better understanding the of new ISAs and how the work. It really is interesting. 
Disclaimer:- This is a sponsored, but all thoughts and opinions are my own.

This post is protected under copyright. SusankMann 2009 – 2014

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Filed Under: Parenting Tagged With: Finance, Scottish Friendly

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